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A Beginner’s Guide to Market Research

Author: 
Megan Keup
Publication date:
April 4, 2019
Article Summary: 

A Beginner’s Guide to Market Research

Market research is an organized effort to gather information about customers. It is essential for businesses to understand the needs and wants of the market, and who they should be targeting when developing ideas, advertising and marketing projects. The market can be a small or large group of people who need goods and services, and businesses need to know it intimately if they're to offer something that the world wants. Market research is a relatively young discipline that began in the 1930s due to the boom in radio in the United States. It is used to profile and target people to know what they desire or need, so businesses can exploit that and produce it to their satisfaction.

Market research is fundamental to keeping businesses competitive as it analyzes the needs, size and competitors in the marketplace, so companies can make strategic decisions. There are various techniques to market research, such as qualitative, focus groups, in-depth interviews and ethnography. Primary research is when the effectiveness of sales, existing business practices, quality of service and communications are monitored and reported on. Secondary research uses data that has already been published and is collected in a new database to help with situation analysis. Without market research, a company is firing blindly into the void and without knowing who to sell it to, it will wither on the vine and die.

Keywords: 

market research, market research definition, market research methods, global market research reports, consumer market research, consumer market research definition, business to business market research

Source Citation: 
Megan Keup
A Beginner’s Guide to Market Research
April 4, 2019
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